Many sources, including the iPhone Dev Team, are indicating that iOS 4.0.1 may be issued later today to implement Apple’s promised signal meter improvements.

As previously reported, tomorrow Apple will hold a press conference which appears to be on iPhone 4 reception issues. There are few reasons why Apple would hold this press conference; either to argue to the public that iPhone 4 does not suffer from reception issues, to recall iPhone 4 and implement some hardware change…

… Or offer buyers a split decision with a Bumper Case.

Some rumors have indicated that Apple has already released to manufacturing an updated design that solves the reception dampening, which occurs when iPhone 4 is held typically in the left hand, thus blocking some of the external antenna lines.

Regardless of it is correct, a recall of all existing iPhone 4 units would be extremely expensive, and could require further modifications to hardware. Microsoft executives have even gone as far as to attack Apple, citing this as ‘Apple’s Vista.’

Bumper cases for iPhone 4 have been confirmed from the start to solve this issue, even tacitly stated in internal memos to AppleCare support representatives. Apple may chose to offer all iPhone 4 owners a free bumper case as an option to resolve the issue.

Another option would be to give customers a choice; a free bumper case (at a $29 value) that makes their iPhone 4 operate properly, or an exchange with a new iPhone 4 that has corrected antennas.

Regardless of what happens tomorrow, this marks the first clear hardware blemish on Apple’s four model iPhone history.

Christopher Price is the Founding Editor of PhoneNews.com. Today, he leads the team building Console, Inc. - a new kind of Android™ device. He still likes to pontificate... a lot. You can visit his personal blog at ChristopherPrice.net.